Four investors are offering €85 million each for this iconic Dublin hotel

The Gresham Hotel in Dublin is set to be sold for above €85 million after it emerged that four interested parties are willing to bid that amount for the iconic hotel.

Based on O'Connell Street in the city centre, the Gresham is probably Dublin's most well known and luxurious hotels since it opened almost 200 years ago in 1817, but it was taken over by Nama, who will more than double their money through this sale.

Over 80 parties were interested in buying the hotel initially, six of which bid over €80 million, but only four parties will progress to the next round of bidding. Those investors, according to the Sunday Business Post, are American funds Apollo and Cereberus, Riu, a Spanish hotel chain, and the Tifco Hotel Group.

There were hopes at one stage that the hotel would fetch over €100 million in the sale, and though the bidding may well increase substantially more, it may not now break that barrier.